Portugal’s Espírito Santo bank concludes process of taking stake in Moza Banco of Mozambique

21 January 2011

Maputo, Mozambique, 21 Jan – Portugal’s Banco Espírito Santo (BES) Thursday concluded the acquisition of 25.1 percent of Mozambique’s Moza Banco, the bank said in a statement filed with the market regulator.

Carried out via its subsidiary BES África, the deal also included raising the capital of the Mozambican bank from US$11.5 million to US$16.5 million, “subscribed by shareholders in the proportion of their stakes, increasing investment by BES Africa to almost US$10.9 million,” said the statement published on the website of Portuguese market regulator CMVM.

The agreement was signed in Maputo by representatives of shareholders Moçambique Capitais, Geocapital and Banco Espírito Santo – África after getting the go-ahead from the central banks of Mozambique and Portugal.

Moçambique Capitais, a stake holding company led by Prakash Ratilal, a former governor of the bank of Mozambique, will continue to have a majority stake in Moza Banco with 50.4 percent, said Inácio Fernando, a Moza Banco official, speaking to Macauhub in Maputo.

The remaining 24.4 percent is owned by Geocapital, an investment company owned by investors from Portugal and Macau.

With BES as part of its shareholder structure of Moza Banco, the bank’s capital will be doubled to US$30 million by 30 June of this year, with a view to expanding the bank to other regions of the country.

In the latest edition of “Mozambique’s 100 Largest Companies,” drawn up by auditing company KPMG, Moza Banco was named the bank with biggest growth in turnover and the second biggest rise in the list of top 100 companies operating in Mozambique. (macauhub)